Little enthusiasm for Libyan oil

A year after oil firms jockeyed to secure the first deals in post-war Libya, political disorder and a large surplus of oil in Europe have sapped enthusiasm ahead of talks for 2013 contracts worth around $50 billion.

“The political instability and security problems make it less attractive for the international oil companies and for the traders as well,” said Charles Gurdon, managing director of Menas Associates, a political risk consultancy. Libya’s national congress appointed Abdelbari Al Arusi as oil minister earlier this month, although it is unclear how responsibilities will be shared with the National Oil Corporation (NOC), which currently oversees oil sales.